Startup initiatives were in the big news since some time but unfortunately, today we find many start-ups to have failed miserably.
As it is rightly said “Hope for the best and prepare for the worst”, one should always be cautious enough before taking the decisions which can unbalance his/her business activity. Every single step you take contributes to your success or failure.
Failure can be due to various factors. Following are the Dos for an Entrepreneur to sustain and grow his/her business.
It is essential to allocate a budget for every activity in any business. Yearly budgets need to be prepared and a regular check within a specific periodic interval e.g. every quarter needs to be done. One should keep revising the budget as per the new demands and revision to keep the cash flow in control.
Budgeting helps keep a control on the expenses and take decision wisely.
Cash Flow Management
Cash flow is essential to any business survival, yet many entrepreneurs struggle to pay the bills and all expenses while they’re waiting for sales to happen. Initially, the sales of any new company are very less. To solve this issue one needs to plan his/her cash management very well at least for two years. He/she needs to have cash reserves which can help them carry daily operations and run the business smoothly without facing too much of work tension. If one wants to start or grow one’s business, one has to learn to do with little capital and control all expenses.
Employing Right Candidate
For any business to run successfully we need to have a good staff with proper vision and when it’s a new venture, entrepreneur’s faces a lot of trouble in employing the right one. Factually, there are very few candidates who would like to go through the hardship and troubles which a start-up faces. Whereas, most people think that after joining a new start-up, they will grow very fast and do not feel the requirement of putting an extra effort and innovative thinking which is essentially required.
Every employee must be given proper induction and relevant training, which can help them understand your business and its requirements. They must be clear enough on their duties and responsibilities, which they need to deliver. Many startups try to save the cost of training and induction due to which the performance of the employee goes down.
Entrepreneurship is a quality. This means a person who is innovative and ready to take the risk. An Entrepreneur has his own style and way of thinking but it’s not necessary that he has to have all the skills needed to run every department. So it’s very important for him to either develop the right skills or hire people who would be expertise in the each field.
Entrepreneurs should not measure business growth only in terms of revenue, but should take everything into consideration before deciding the business growth prospect because only revenue consideration is not the right way to judge any business growth.
With years of experience in not just one, but varied businesses; these are some of the important aspects which I feel every entrepreneur must follow.